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Bitcoin Jumps; Famed Fund Manager Says Bitcoin to Shine as Central Banks Ease

Published 05/07/2020, 01:43 PM
Updated 05/07/2020, 01:46 PM
© Reuters.

By Yasin Ebrahim 

Investing –  The jury may still be out on whether bitcoin is a safe haven, but there is little doubt that it is an effective hedge against currency debasement at a time when central banks continue to roll out stimulus, prompting famed hedge fund manager Paul Tudor to buy the popular cryptocurrency.

Bitcoin (BitfinexUSD) jumped 4% to trade at $9,725.

"The best profit-maximizing strategy is to own the fastest horse," Jones said in a letter to his investors as he declared bitcoin a hedge against the "great monetary inflation," according to Bloomberg. "If I am forced to forecast, my bet is it will be Bitcoin."

Bitcoin futures could make up a low-single-digit holding of assets in his $22 billion Tudor BVI fund, Jones said.

 

Latest comments

good to see investors don't give a hug to upcoming depression :)))
Pump, then dump.
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